lesson 16: california real estate license law principles of california real estate

Lesson 16: Lesson 16:

California Real California Real Estate License LawEstate License Law

Principles of California Real Estate

The Real Estate Law

California’s Real Estate Law:Statute adopted by legislature to regulate

real estate profession.Business & Professions Code

sections 10000 to 10580

The Real Estate Law

California’s Real Estate Law:Statute adopted by legislature to regulate

real estate profession.Business & Professions Code

sections 10000 to 10580Protects public from incompetent,

unethical, or dishonest agents.

Administration of Real Estate LawDept. of Real Estate

Real Estate Law is administered by the Department of Real Estate (DRE).Department is a division of the Business

and Transportation Agency.

Administration of Real Estate LawDept. of Real Estate

Real Estate Law is administered by the Department of Real Estate (DRE).Department is a division of the Business

and Transportation Agency.

Chief officer of the DRE is the Real Estate Commissioner.

Administration of Real Estate LawCommissioner

Real Estate Commissioner:appointed by the Governor


Real Estate Commissioner:appointed by the Governormay not engage in real estate activities or

have an interest in a real estate firm


Real Estate Commissioner:appointed by the Governormay not engage in real estate activities or

have an interest in a real estate firmmust have been a real estate broker

actively engaged in business in California for five years

Real Estate Commissioner: grants and denies licenses enforces the Real Estate Law

Administration of Real Estate LawCommissioner’s duties

Real Estate Commissioner: grants and denies licenses enforces the Real Estate Law issues rules and regulations to implement law regulates the sale of subdivisions and business

opportunities


Real Estate Commissioner: grants and denies licenses enforces the Real Estate Law issues rules and regulations to implement law regulates the sale of subdivisions and business

opportunities investigates non-licensees performing real estate

activities holds disciplinary hearings on Real Estate Law

violations


Administration of Real Estate LawAdvisory Commission

Real Estate Advisory Commission:appointed by the Governor10 members, including 6 brokers and 4

members of the public

Administration of Real Estate LawAdvisory Commission

Real Estate Advisory Commission:appointed by the Governor10 members, including 6 brokers and 4

members of the public

Makes suggestions to Commissioner regarding policies and functions of the DRE.

Administration of Real Estate LawAttorney General

California Attorney General provides legal advice to Commissioner regarding the Real Estate Law.

Administration of Real Estate LawAttorney General

California Attorney General provides legal advice to Commissioner regarding the Real Estate Law.

Violations of the Real Estate Law prosecuted by district attorney of county in which they occur, not by state Attorney General.

When a License is Required

Anyone who acts or appears to act as a real estate broker or salesperson must have a real estate license.

When a License is RequiredBroker definition

The Real Estate Law defines a real estate broker as someone who engages in specified real estate activities:on behalf of another person, AND

When a License is RequiredBroker definition

The Real Estate Law defines a real estate broker as someone who engages in specified real estate activities:on behalf of another person, ANDfor compensation (or the promise of

compensation).

The real estate activities listed in the Real Estate Law’s broker definition include all of the following.

When a License is RequiredReal estate activities

Selling, buying, leasing, collecting rents from, or buying, selling, or exchanging leases on: real property, orbusiness opportunities.


Filing applications for the purchase or lease of federal lands.


Soliciting borrowers or lenders, negotiating loans, promoting services in connection with loans secured by real property, or buying, selling, or exchanging real property securities.


Listing, advertising, or offering real property or business opportunities for sale, lease, exchange, or financing.


Engaging in the business of buying, selling, or exchanging 8 or more real property securities (e.g., land contracts or promissory notes) within one year.


Collecting an advance fee to promote the sale or lease of real property or business opportunities.


When a License is RequiredPenalties for unlicensed activities

Penalty for an individual who acts as a real estate broker or salesperson without a license:a fine of up to $10,000, andimprisonment for up to six months

When a License is RequiredPenalties for unlicensed activities

Penalty for an individual who acts as a real estate broker or salesperson without a license:a fine of up to $10,000, andimprisonment for up to six months

Penalty for a corporation: $50,000 fine

Types of LicensesBroker’s license

A broker’s license allows a person to: perform the previously listed real estate

activities on behalf of another person for compensation




operate a brokerage business




operate a brokerage business employ salespersons as affiliated licensees

to help him or her engage in real estate activities


A licensed broker who works for another broker rather than starting her own brokerage is sometimes called an associate broker.



There is no special “associate broker’s license.”



There is no special “associate broker’s license.”

While working as an associate broker, a broker has essentially the same status as a salesperson.

Types of LicensesSalesperson’s license

A salesperson can engage in real estate activities only as a broker’s representative.

Types of LicensesSalesperson’s license

A salesperson can engage in real estate activities only as a broker’s representative.

A salesperson cannot represent members of the public directly.

Licensing Exemptions

The following aren’t required to have a real estate license even if they are performing activities covered by the broker definition.


A person buying or leasing property:for himself, oron behalf of a group to which he belongs

(such as a partnership).


An attorney in fact authorized by a recorded power of attorney.


An attorney in fact authorized by a recorded power of attorney.

An attorney at law, in the performance of her duties as a lawyer.


A person acting under court order, such as:the executor or administrator of an estatea bankruptcy trusteea guardian


A person acting under court order, such as:the executor or administrator of an estatea bankruptcy trusteea guardian

A trustee selling property pursuant to the power of sale clause in a deed of trust.


An appraiser making an appraisal.



An employee of a financial institution in regard to real property securities.



An employee of a financial institution in regard to real property securities.

A licensed securities broker or dealer with respect to business opportunity transactions.


A cemetery authority or its authorized agent.


A cemetery authority or its authorized agent.

A secretary, bookkeeper, accountant, or other employee of a real estate broker:performing purely clerical dutiesnot discussing price, terms, or condition

of property


The resident manager of an apartment complex.



The manager of a hotel, motel, or trailer park.



The manager of a hotel, motel, or trailer park.

A person who negotiates the use of property for photographic purposes.

SummaryReal Estate Law

Department of Real Estate Real Estate Commissioner Real Estate Advisory Commission Broker Salesperson Associate broker Licensing exemptions

License QualificationsSalesperson

Five requirements for salesperson’s license:1. At least 18 years old2. Honest and truthful3. Pass state exam4. Pay license fee5. Complete 3 courses (9 semester units)


Course requirements for salesperson’s license

Before exam: Real Estate Principles


Course requirements for salesperson’s license

Before exam: Real Estate Principles

Before exam or within 18 months after licensing:Real Estate Practice, andan elective

License QualificationsBroker

Six requirements for broker’s license:

1. At least 18 years old

2. Honest and truthful

3. Pass state exam

4. Pay license fee

5. At least 2 years of experience as salesperson in last 5 years, or equivalent

6. Complete 8 courses (24 semester units)

Course requirements for broker’s license:Real Estate PracticeAppraisalEconomics or AccountingReal Estate LawReal Estate Finance3 electives

License QualificationsBroker

Licensing and Renewal Applying for a license

Applicant must apply for license within one year after date of passing the exam.

Licensing and RenewalRenewing a license

License valid for 4 years.



Licensee renews by:completing continuing education

requirementssubmitting applicationpaying renewal fee



Licensee renews by:completing continuing education

requirementssubmitting applicationpaying renewal fee

Doesn’t have to take state exam again.

Licensing and RenewalContinuing education

State law requires continuing education throughout real estate career.

Continuing EducationSalesperson’s first renewal

12 hours of continuing education required for first renewal of salesperson’s license.

Continuing EducationSalesperson’s first renewal

12 hours of continuing education required for first renewal of salesperson’s license.

This must include one 3-hour course on each of these subjects:ethicsagencytrust fund handlingfair housing

45 hours of continuing education required for first renewal of broker’s license.

Continuing EducationBroker’s first renewal

45 hours of continuing education required for first renewal of broker’s license.

This must include:the 12 hours of courses required for a

salesperson’s first renewalat least 18 hours of courses designated as

consumer protection courses

Continuing EducationBroker’s first renewal

45 hours of continuing education required for all subsequent renewals, for both salespersons and brokers.

Continuing EducationSubsequent renewals

45 hours of continuing education required for all subsequent renewals, for both salespersons and brokers.

This must include:a 6-hour short course on the four

mandatory topicsat least 18 hours of consumer protection

courseselectives (consumer service courses)

Continuing EducationSubsequent renewals

A licensee is not required to fulfill continuing education requirements if:at least 70 years old, andhas been a licensee in good standing in

California for at least 30 years.

Continuing EducationExemption

Licensing and RenewalLate renewal

License expires if licensee misses the 4-year renewal deadline.



Grace period: License can be renewed within 2 years after expiration if a penalty is paid.



Grace period: License can be renewed within 2 years after expiration if a penalty is paid.

After 2-year grace period ends:all license rights are lostformer licensee would have to take state

exam again and apply for a new license

SummaryLicense Qualifications and Renewal

Requirements for salesperson’s license

Requirements for broker’s license

License renewal License expiration

Continuing education requirementsFirst renewalSubsequent

renewals

Other License ProvisionsLocation of licenses

Salesperson may work only under a broker’s supervision.



Broker has custody of the salesperson’s license while the salesperson works for him.



Broker has custody of the salesperson’s license while the salesperson works for him.

Licenses of broker and affiliated licensees are kept at the broker’s main office.

Other License ProvisionsTransferring a license

Broker or salesperson may terminate an affiliation at any time.

Other License ProvisionsTransferring a license

Broker or salesperson may terminate an affiliation at any time.

If a salesperson transfers to a new broker, the new broker must notify the DRE within 5 days.

If salesperson quits or is terminated, broker must return the salesperson’s license to her within 3 days.

Other License ProvisionsTermination of salesperson’s license

If salesperson quits or is terminated, broker must return the salesperson’s license to her within 3 days.

If salesperson is discharged for conduct subject to disciplinary action, broker must provide statement of facts to Commissioner.

Other License ProvisionsTermination of salesperson’s license

Other License ProvisionsTermination of broker’s license

If a broker’s license is suspended or terminated:the licenses of affiliated licensees are

canceled, and

Other License ProvisionsTermination of broker’s license

If a broker’s license is suspended or terminated:the licenses of affiliated licensees are

canceled, andshould be returned to the licensees so

they can be transferred to other brokers.

Other License ProvisionsNew location or name

Broker must notify the Commissioner if brokerage:moves to a new locationadds a branch office

Other License ProvisionsNew location or name

Broker must notify the Commissioner if brokerage:moves to a new locationadds a branch office

Broker or salesperson must notify the Commissioner if his or her name changes.

Other License ProvisionsFictitious business names

A broker may conduct business under a fictitious name if broker:is licensed under that namefiles fictitious name statement with

county clerkpublishes notice in a newspaper

Other License ProvisionsFictitious business names

A broker may conduct business under a fictitious name if broker:is licensed under that namefiles fictitious name statement with

county clerkpublishes notice in a newspaper

Statement expires 5 years after December 31 of the year in which it was filed.

Other License ProvisionsUnpaid child support

DRE may not issue or renew license if applicant or licensee is on state’s list of persons who haven’t complied with court order regarding child support payments.

Other License ProvisionsUnpaid child support

DRE may not issue or renew license if applicant or licensee is on state’s list of persons who haven’t complied with court order regarding child support payments.

If licensee’s name is on list for 150 days, DRE may suspend license.

Special LicensesCorporations

A broker’s license may be issued to a corporation.

License issued in the name of the firm.




One officer of the corporation licensed as the designated broker.




One officer of the corporation licensed as the designated broker.

Designated broker must meet all qualifications for a broker’s license.

Special LicensesRestricted licenses

Commissioner may grant restricted license to licensee whose license has been suspended or revoked.

Special LicensesRestricted licenses

Commissioner may grant restricted license to licensee whose license has been suspended or revoked.

Restricted license may:have limited termrestrict licensee to certain activitiesrequire licensee to affiliate with a

particular broker

Special LicensesPrepaid rental listing service

Operator of a service that provides lists of available rentals must have:real estate broker’s license, or prepaid rental listing service license

from DRE.

Special LicensesOut-of-state developments

To sell shares in an out-of-state timeshare, special permit from DRE required.

Special LicensesOut-of-state developments

To sell shares in an out-of-state timeshare, special permit from DRE required.

Lots in an out-of-state subdivision can be sold only if subdivision is registered with DRE.

Business Opportunities

Business opportunity: The sale or lease of a business, including inventory, fixtures, and goodwill.



Agent involved in sale of business opportunity:must have a real estate license,even if no real estate is involved.



Agent involved in sale of business opportunity:must have a real estate license,even if no real estate is involved.

If shares of stock are involved, agent may also need a securities license.

Business OpportunitiesFranchise agreements

A franchise agreement is a common type of business opportunity.

Business OpportunitiesFranchise agreements

A franchise agreement is a common type of business opportunity.

Buyer pays a fee to operate a business under a franchisor’s brand name and marketing plan.

Business OpportunitiesSales tax

Sale of business is subject to state sales tax if it involves transfer of personal property (such as inventory).



Tax is seller’s responsibility, but buyer could face successor’s liability.




Buyer should obtain Certificate of Clearance from Board of Equalization.




Buyer should obtain Certificate of Clearance from Board of Equalization.

Certifies that sales taxes have been paid.

Business OpportunitiesBulk sales

Bulk sale: Any sale, not in the ordinary course of business, of more than half of a seller’s inventory.

Business OpportunitiesBulk sales

Bulk sale: Any sale, not in the ordinary course of business, of more than half of a seller’s inventory.

Before bulk sale occurs, buyer must:record Notice of Intent to Buynotify the county tax assessorpublish a notice in newspaper

SummarySpecial Licenses and Activities

Corporate license Designated broker Restricted license Prepaid rental

listing service

Business opportunity Franchise agreement Successor’s liability Bulk sale

Disciplinary Action

Commissioner may take disciplinary action against licensee who violates the Real Estate Law.

Disciplinary ActionProcedures

Procedures involved in disciplinary action:1. Commissioner’s investigation2. Written accusation3. Administrative hearing

Disciplinary ProceduresCommissioner’s investigation

Commissioner must investigate all verified written complaints against licensees.

Disciplinary ProceduresAccusation

If investigation justifies formal action, Commissioner:files an accusationschedules administrative hearing

Disciplinary ProceduresAccusation

If investigation justifies formal action, Commissioner:files an accusationschedules administrative hearing

Accusation: written statement of charges.Must be filed within 3 years after the

violation.

Disciplinary ProceduresAdministrative hearing

Hearing conducted by an administrative law judge. Judge makes a proposed decision after

hearing testimony.

Disciplinary ProceduresAdministrative hearing

Hearing conducted by an administrative law judge. Judge makes a proposed decision after

hearing testimony.Commissioner accepts or rejects the

proposed decision in making a formal decision.

Disciplinary ActionSanctions

If accusation proved, Commissioner may:suspend or revoke license, orimpose fine of up to $250 for each day

the license would have been suspended.Maximum fine: $10,000

Disciplinary ActionAppeal

Disciplined licensee may: request reconsideration from

Commissioner, and/orappeal Commissioner’s decision to the

superior court.

Disciplinary ActionTemporary suspension

If license obtained by fraud, Commissioner may suspend license even before a hearing is held.

Disciplinary ActionTemporary suspension

If license obtained by fraud, Commissioner may suspend license even before a hearing is held.

Suspension effective only until hearing is held and Commissioner makes final decision.

Disciplinary ActionProsecution and civil liability

Licensee disciplined by Commissioner may also face:criminal prosecution by county prosecutorcivil suit by an injured party

Disciplinary ActionGrounds

Grounds for disciplinary action include—but are not limited to—any of the following violations.


Misrepresentation: Knowingly making false statements or failing to disclose material facts to a principal.


False advertising or running blind ads.

Blind ad: An advertisement placed by a real estate licensee that does not include a licensee designation and broker’s name.


Acting as a dual agent without the consent of both parties.


Commingling general funds with trust funds.

Being convicted of a felony or misdemeanor involving moral turpitude.


Making a secret profit on a transaction.


Performing real estate duties incompetently or negligently.


Engaging in discrimination, such as blockbusting or steering.


As a broker:failing to exercise adequate supervision

over affiliated licensees, oremploying unlicensed persons.


Real Estate Fund

All license fees are placed in the Real Estate Fund.

Real Estate Fund

All license fees are placed in the Real Estate Fund.

Portions of this fund are earmarked for:the Education and Research Accountthe Recovery Account

Real Estate FundRecovery account

Recovery Account is used to reimburse parties injured by a real estate agent’s:fraudmisrepresentationdeceitconversion of trust funds

Recovery AccountRequirements

Injured party must:obtain a civil judgment against the agent,

andshow that the agent has no funds or

assets that can be seized to pay the judgment.

Recovery Account will pay:up to $20,000 for any one transactionup to $100,000 for any one licensee

Recovery AccountLimitations

Recovery Account will pay:up to $20,000 for any one transactionup to $100,000 for any one licensee

Agent’s license suspended until the amount paid out is repaid to the Recovery Account with interest.

Recovery AccountLimitations

SummaryDisciplinary Action

Grounds for disciplinary action

Sanctions Appeal Real Estate Fund Recovery Account

Trust Accounts

Funds that real estate brokers hold in trust for clients:good faith depositstenant security depositscollected rentsadvance fees

Trust Accounts

Funds that real estate brokers hold in trust for clients:good faith depositstenant security depositscollected rentsadvance fees

Advance fees: Fees a seller might pay in advance for expenses associated with a listing.

Trust AccountsSeparate from general account

Broker must maintain one or more trust accounts to keep trust funds separate from broker’s own money.

Trust AccountsSeparate from general account

Broker must maintain one or more trust accounts to keep trust funds separate from broker’s own money.

Trust accounts should be:opened in the broker’s name as licensedspecially designated as trust accounts

Trust AccountsDeadline for deposit

Funds should be deposited in trust account no later than the third business day after they’re received.

Trust AccountsDeadline for deposit

Funds should be deposited in trust account no later than the third business day after they’re received.

Broker may pass a check directly from a principal to a third party or another principal without putting it in trust account first.Check should still be recorded in the

broker’s trust funds records.

Trust AccountsReceipt by salesperson

When trust funds are given to a salesperson, the salesperson should immediately:deliver the funds to her broker, ordeposit the funds into her broker’s trust

account.

Trust AccountsGood faith deposits

Exception to rule: Good faith deposit check can be held uncashed until buyer’s offer is accepted.

Before seller accepts offer:good faith deposit belongs to the buyer


Before seller accepts offer:good faith deposit belongs to the buyermust be returned to buyer if he demands it


After offer accepted:broker may hold check uncashed only

with seller’s written authorization


After offer accepted:broker may hold check uncashed only

with seller’s written authorizationno part of the deposit can be refunded

without seller’s written permission


If transaction falls through and parties dispute who is entitled to the deposit:Broker files interpleader action and turns

funds over to the court.


If transaction falls through and parties dispute who is entitled to the deposit:Broker files interpleader action and turns

funds over to the court.Court decides which party gets the

deposit.


Trust AccountsCommingling

Commingling: Illegally mixing trust funds with personal funds.


Commingling: Illegally mixing trust funds with personal funds.

Conversion: Appropriating client funds for a broker’s own purposes. Conversion is a basis for theft charges.

Funds in trust account should always equal the broker’s trust fund liability.Shortage or overage is a violation of the

Real Estate Law.


Funds in trust account should always equal the broker’s trust fund liability.Shortage or overage is a violation of the

Real Estate Law.

Exception: Broker may keep up to $200 of her own funds in a trust account to pay bank’s service charges.


If broker is owed a commission from trust funds, he may withdraw it directly from the trust account.


If broker is owed a commission from trust funds, he may withdraw it directly from the trust account.

Other expenses cannot be paid directly out of trust account.Example: salesperson’s commission


Trust AccountsInterest-bearing accounts

Trust account can’t be an interest-bearing account, unless the owner of the trust funds requests that.

Trust AccountsInterest-bearing accounts

Trust account can’t be an interest-bearing account, unless the owner of the trust funds requests that.

Interest on trust account can’t accrue to the broker.

Trust AccountsWithdrawals

Trust accounts must be set up with the broker as trustee.

Trust AccountsWithdrawals

Trust accounts must be set up with the broker as trustee.

Broker may authorize withdrawals by:affiliated licenseesunlicensed employees covered by a bond

equaling the amount held in trust

Trust AccountsTrust account records

Broker’s records must include:trust fund receipts and disbursements


Broker’s records must include:trust fund receipts and disbursementsbalance of each trust account


Broker’s records must include:trust fund receipts and disbursementsbalance of each trust accountreceipts and disbursements affecting each

client or customer’s account



client or customer’s accountbalance owed to each client or customer



client or customer’s accountbalance owed to each client or customer

Receipts and disbursements must be in chronological order.

Trust account records must be kept for at least 3 years after the date of closing.


Trust account records must be kept for at least 3 years after the date of closing.

Records are subject to inspection by the Commissioner.


Recordkeeping

Other documents must also be available for 3 years after closing date (or listing date, if sale doesn’t close).

Recordkeeping3-year requirement

Three-year requirement applies to:listing agreementsdeposit receipts


Three-year requirement applies to:listing agreementsdeposit receiptsrent collection receiptsbank deposit slips


Three-year requirement applies to:listing agreementsdeposit receiptsrent collection receiptsbank deposit slipscanceled checks and supporting papersagency disclosure statements


Three-year requirement applies to:listing agreementsdeposit receiptsrent collection receiptsbank deposit slipscanceled checks and supporting papersagency disclosure statementstransfer disclosure statementsproperty management agreements


Records that must be kept for 4 years:mortgage loan disclosure statementsreal property security statements

RecordkeepingBroker-salesperson agreement

A broker-salesperson agreement must be:in writingkept on file at broker’s officeretained for reasonable time after

termination of the relationship

RecordkeepingCopies to signators

An agent must provide each client or customer who signs a document with a copy.

RecordkeepingBroker’s review

Broker must review documents prepared or signed by affiliated licensees.

Advertising

False advertising and other violations of advertising laws are:violations of the Real Estate Lawmisdemeanors

AdvertisingBlind ads

Blind ad: An advertisement placed by a real estate agent that does not:include the broker’s name, and/orstate that it was published by a real estate

licensee.


Blind ad: An advertisement placed by a real estate agent that does not:include the broker’s name, and/orstate that it was published by a real estate

licensee.

Blind ads are illegal.

If a licensee is listing her own property for sale, she doesn’t need to include her broker’s name.Ad still must state that she is a real estate

licensee.


AdvertisingLoans and notes

Ads for loan products must be approved by the DRE before publication.


Ad for a promissory note:can’t promise a yield or return different

from the rate specified on the note,


Ad for a promissory note:can’t promise a yield or return different

from the rate specified on the note,unless it also reveals the discount at

which the note is being sold.

Ad for a loan may not:use a phrase like “guaranteed” without

describing how the loan is secured


Ad for a loan may not:use a phrase like “guaranteed” without

describing how the loan is securedimply that the loan:

can be approved over the telephone is endorsed by a government agency


AdvertisingInducements

If attendance at a sales presentation is required in order to receive a gift or prize, those terms must be disclosed.



If an inducement is given to one party in a transaction, that’s a material fact that must be disclosed to all parties.



If an inducement is given to one party in a transaction, that’s a material fact that must be disclosed to all parties.

Inducements are always forbidden in loan transactions.

SummaryTrust Funds and Recordkeeping

Trust account Deadline for deposit Good faith deposit check Commingling Recordkeeping requirements Blind ad

Antitrust Laws

Antitrust laws limit anticompetitive behavior in the marketplace.

Antitrust Laws


The primary antitrust law is the federal Sherman Act, passed in 1890.

Antitrust Laws


The primary antitrust law is the federal Sherman Act, passed in 1890.

1950 Supreme Court case decided that the Sherman Act applies to real estate activities.

Antitrust LawsPenalties

Penalties for Sherman Act violations:Individual: fine of up to $350,000, and/or

3 years of imprisonment.Corporation: fine of up to ten million

dollars.

Antitrust LawsViolations

Three main categories of antitrust law violations:price fixinggroup boycottstie-in arrangements

Antitrust LawsPrice fixing

Price fixing: The cooperative setting of prices by two or more competitors.


Agents from different brokerages should never discuss commission rates.


Agents from different brokerages should never discuss commission rates.

Broker may discuss commission rates with:affiliated licensees, oranother broker if it’s in connection with a

commission split

A real estate agent should never tell a client that a commission rate is non-negotiable.


A real estate agent should never tell a client that a commission rate is non-negotiable.

Preprinted forms that specify a particular commission rate are prohibited.


Antitrust LawsGroup boycotts

Group boycott: An agreement by two or more competitors to exclude another competitor from the marketplace.

Antitrust LawsTie-in arrangements

Tie-in arrangement: An agreement to sell one product only on the condition that the buyer also purchases a different (or tied) product from the seller.

SummaryAntitrust Laws

Sherman Act Price fixing Group boycotts Tie-in arrangements

lesson 16: california real estate license law principles of california real estate

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